Cincinnati Ohio Appraisal needed...

[Don Becker #41636]

Hi folks,

Interested in buying a 76 4sp, 350.

Problem is, bank only wants to give me 2k less than the asking price.

Should I dig for the cash (would prefer not to) or does anyone know an appraiser that will be able to get my bank to accept his/her appraisal of the car.

(FYI, I don't think that the car will appraise for less than the asking price.)

The bank told my fiancee that if I disagree with the book value they have that I need to take it to a Chevy dealer and have them sign a written statement at the bank concerning the value, and also need to have the seller of the car sign a statement that it is being sold to me for XXX.

Maybe I'm just new to this (I am a younger guy) but I don't see how a dealership that would refuse to work on a 30+ year car (I'm pretty sure they don't) would in any way be able to reliably appraise it.

As always, your experience and advice is greatly appreciated.

-Don

[Don Becker #41636]

Follow up...

Well I learn something new everyday it seems...

Joseph Chevrolet's (down on Colerain Ave.) used car dept. said I could bring it in 9-6 on Saturday or 9-9 Mon-Wed. next week.

Has anyone run into this before? Any advice or tips?

[Chuck S.]

Re: Follow up...

Don, a used car department is probably going to use the same book that the bank is using...expect to get the same value.

Check the yellow pages for classic Corvette or musclecar dealers; they may be able to give you a written appraisal that will work for insurance companies or banks. You might also contact the Queen City Chapter there in Cincinnati...they may be able to guide you both on the price and an appraisal.

Joseph is still in business? As I recall, it was a smaller older, dealer on the west side of Cincinnati. It sounds like it's still in that neighborhood. I tried them once, and wasn't happy...decided to take all my warranty repairs to Queen City Chevrolet. Of course, that was nearly 40 years ago.

[Paul O.]

Re: Cincinnati Ohio Appraisal needed...

Don check restoration-station.com Bob has been in the corvette hobby many years and should be able to help you. Paul#18046

[Joel Falk]

Re: Cincinnati Ohio Appraisal needed...

Don,

I would also look into Capital One. I was prepared to put a considerable sum down on my '62 and they gave me such a favorable rate that I decided to put some of the down paymet to to other uses. Either way, I would definately shop around. There are a lot of banks that understand that certain cars have unique values.

Best,
Joel

[John H.]

Re: Cincinnati Ohio Appraisal needed...

Don, when you get to Collectors Insurance I recommend J.J.Grundy.
They settled a claim I had when my car caught on fire while in a repair
shop. They were very professional about the whole thing.
The shop refused any involvement what-so-ever....If you can believe that.
That's a whole nother story. Big John